- Company recaps key highlights from Q1 earnings results reported on May 11, 2023.
Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) ("Faraday Future", “FF” or "Company"), a California-based global shared intelligent electric mobility ecosystem company, today announced the appointment of finance veteran executive Edward (Ed) Darwick as its Head of Finance Operations effective immediately. Ed will serve as a vital asset to FF’s financial operations and will be accountable for developing, implementing, and improving systems and staffing across the entire range of functions and groups under his direction.
Reporting to Ms. Yun Han, Interim Chief Financial Officer and Chief Accounting Officer, Ed comes to FF as a passionate and strategic corporate finance professional with ~20 years of experience in FP&A, product development, and operational finance control. He has significant experience working in joint venture, start-up, and established MNC environments located in the US, China, and Japan, including with Ford Motor Company and Nio. Ed understands the requirements to develop top-down targets and deliver bottom-up budgets through a focus on accurate data and repeatable forecasting process.
Ed holds an MBA from the University of Rochester and a BA in English Studies from Fairfield University. Prior to his MBA he worked in luxury goods retail, which helped develop his focus and understanding of the importance of creating branding identity to connect with users as well as internal cultural alignment.
“The continued onboarding of key critical talents, especially finance industry leaders like Ed, are vital to the success of FF’s continued production ramp-up, next-stage of product delivery, cost efficiency and path to profitability,” said Xuefeng Chen, Global CEO of Faraday Future. “Ed’s global finance experience will be extremely beneficial for the Company as FF establishes a strong presence in the global EV marketplace.”
FF recently announced the Company’s first quarter 2023 financial results on May 11, 2023.
Financial highlights from FF’s 2023 Q1 earnings results include:
- Net Income of $6.5 million mainly driven by a mark-to-market gain of secured convertible notes and warrants and significant reduction in operating loss.
- Operating loss of $83 million vs a loss of $149 million Q1 2022, significantly reducing operating loss year over year.
- Reiterate FF 91 product delivery according to its three-phase delivery plan starting end of May subject to timely receipt of financing and parts.
- Provided update on homologation progress. The Company has performed the highest severity crash tests and has passed all of these tests successfully, including front, side and rear crash.
- As of today, the Company has manufactured 40 engineering, testing, marketing, and user FF 91 vehicles.
- Expanded on FF’s AI capabilities and future vision of mobility.
- Provided further details on the Company’s sales, service and go-to-market strategy.
- Successfully secured $135 million of gross funding in support of our SOP and production plans, which received $120 million gross to date and additional $38 million gross financing which was at the option of the investors.
- Received additional financing commitments of $100 million unsecured convertible notes subject to certain conditions on top of various existing commitments, of which FF management team and partnership is committing $80 million.
- Reiterates its goal of operating cashflow breakeven in 2025.
The Company’s full first quarter Shareholder Letter announced on May 11, 2023 can be found on FF’s website: https://investors.ff.com/static-files/7bd505b8-6054-4e57-b492-9f01bca8ccef
ABOUT FARADAY FUTURE
Faraday Future (FF) is the pioneer of the Ultimate TechLuxury ultra spire market in the intelligent EV era, and the disruptor of the traditional ultra-luxury car civilization epitomized by Ferrari and Maybach. FF is not just an EV company, but also a software-driven intelligent internet company. Ultimately FF aims to become a User Company by offering a shared intelligent mobility ecosystem.
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